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  • ACC 101 Fianancial Statements Group Work

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    Nyesha Garbutt
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    The income statement for Alcorn Institute for December 2005 shows total revenues of $181,700 from training and tuition fees. Total expenses were $175,040, resulting in net income of $6,460. The statement of owners equity shows M. Alcorn's initial capital of $68,500 and a withdrawal of $20,000, leaving capital of $54,960. The balance sheet lists total assets of $86,100 including cash, supplies, equipment and accounts receivable. Total liabilities were $31,140 and equity was $54,960, for total liabilities and equity of $99,640.

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    ACC 101 Fianancial Statements group work

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    The income statement for Alcorn Institute for December 2005 shows total revenues of $181,700 from training and tuition fees. Total expenses were $175,040, resulting in net income of $6,460. The statement of owners equity shows M. Alcorn's initial capital of $68,500 and a withdrawal of $20,000, leaving capital of $54,960. The balance sheet lists total assets of $86,100 including cash, supplies, equipment and accounts receivable. Total liabilities were $31,140 and equity was $54,960, for total liabilities and equity of $99,640.

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    27 Ansichten2 Seiten

    ACC 101 Fianancial Statements Group Work

    Hochgeladen von

    Nyesha Garbutt
    The income statement for Alcorn Institute for December 2005 shows total revenues of $181,700 from training and tuition fees. Total expenses were $175,040, resulting in net income of $6,460. The statement of owners equity shows M. Alcorn's initial capital of $68,500 and a withdrawal of $20,000, leaving capital of $54,960. The balance sheet lists total assets of $86,100 including cash, supplies, equipment and accounts receivable. Total liabilities were $31,140 and equity was $54,960, for total liabilities and equity of $99,640.

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    Als XLSX, PDF, TXT herunterladen oder online auf Scribd lesen
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    von 2

    Alcorn Institute

    Income Statement
    For the Month Ended December 30,2005
    M. Alcorn Revenues
    Training Revenue $ 71,200.00
    Tuition Revenue $ 110,500.00
    Total Revenue $ 181,700.00
    Expenses
    Salaries Expense $ 43,740.00
    Insurance Expense $ 6,400.00
    Rent Expense $ 31,200.00
    Utilities Expsne $ 12,400.00
    Depreciation Expense (2,000 + 4,000) $ 6,000.00
    Supplies Expense $ 57,500.00
    Advertising Expense $ 18,000.00
    Total Expenses -$ 175,040.00
    Net Income $ 6,460.00

    Alcorn Institute
    Statement of Owners Equity
    For the Month Ended December 31, 2005
    M. Alcorn, Capital, December 31,2005 $68,500 0
    Investment by Owner $ -
    Net Income $ 6,460.00 $ 6,460.00
    $ 74,960.00
    Withdrawls By Owner -$ 20,000.00
    M. Alcorn, Capital, December 31, 2005 $ 54,960.00
    Alcorn institute
    Balance Sheet
    December 31, 2005
    Assets Liabilities
    Cash $ 50,000.00 Accounts Payable $ 12,200.00
    Teaching Supplies $ 2,500.00 Salaries Payable $ 540.00
    Equipment $ 10,000.00 Unearned Training Fees $ 18,400.00
    Professional Library $ 6,500.00
    Pre-paid Insurace $ 11,600.00
    Accounts Receivable $ 5,500.00 Total Liabilities $ 31,140.00
    Equity
    M. Alcorn, Capital $ 68,500.00
    Total Assets $ 86,100.00 Total Liabilities and Equity $ 99,640.00

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